Blackstone president Jonathan Gray (Getty; iStock)Blackstone’s bet on logistics facilities and life sciences continues to pay off despite the broader headwinds facing commercial real estate.The New York-based investment manager reported in its third-quarter earnings call that net income increased to $794.7 million in the third quarter, from $779.4 million the previous year. The company’s fee-related earnings from its real estate assets increased to $283 million, from $187 million during the same time period.Blackstone’s total assets under management increased to $584.4 billion in the third quarter, up 5 percent year-over-year, and its real estate assets increased 11 percent to $173.8 billion.In recent years, Blackstone — one of the largest commercial landlords in the country — has diversified its portfolio by investing in the industrial sector, including logistics and last-mile distribution centers, as well as life science buildings. Those have performed well this year, despite the broader economic downturn.“In real estate, we have been underscoring the importance of sector selection,” Blackstone president Jonathan Gray said on an earnings call with analysts.In the third quarter, Blackstone sold Cheniere Energy Partners to Brookfield Asset Management and Blackstone Infrastructure Partners for $7 billion. After the third quarter ended, the company recapitalized BioMed Realty Trust, life-sciences real estate investment trust, for $14.6 billion to another Blackstone-controlled fund. It also recently acquired Simply Self Storage’s 8 million-square-foot portfolio from Brookfield Asset Management for $1.2 billion.Blackstone deployed $2.1 billion in capital in real estate in the third quarter, which included acquiring a 49 percent stake in Hudson Pacific Properties’ Hollywood production studio and office portfolio in August.Top of mind for analysts during the earnings call was the forthcoming presidential election. Gray said if Democrats were to sweep, the company could see higher corporate taxes as well as more regulatory scrutiny. But he said there could also be some benefits to Blackstone’s infrastructure and renewable business. In addition, urban centers like New York and San Francisco, which are facing fiscal crises, could see more funding from the federal government, according to Gray.Blackstone’s stock price is down 2 percent to $50.84 since opening on Tuesday. Share via Shortlink TagsBlackstoneCommercial Real Estate Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink
“We are very excited to have Paulette join the team and help us take CIECA into the future,” added Paul Barry, CIECA’s new executive director. CIECA announced recently that Paulette Reed was named CIECA’s new business analyst/technical project manager, effective July 20. In her new role, Reed will be responsible for coordinating and managing the organization’s committee meetings and activities as well as the CIECA Standards for the collision repair industry. This includes providing and tracking all project documentation and activities for the organization.AdvertisementClick Here to Read MoreAdvertisement For the past 25 years, Reed was a member of the ARMS technical team at Enterprise Rent-A-Car. Throughout her career, she has worked on projects that used the CIECA Standards. “Paulette is a great addition to the CIECA team,” said Kim DeVallance Caron, CIECA chairwoman and director of Global Product Development, Enterprise Holdings. “Her industry knowledge and technical background will allow her to maintain the current CIECA Standards as well as advance the standards in the everchanging collision space.” DeVallance Caron thanked the CIECA nominating committee, chaired by Phil Martinez, senior technical consultant at Mitchell International, for spearheading the search for a technical project manager. Reed began her career at Enterprise Rent-A-CAR as an RPG (Report Program Generator) software engineer where she worked on several EDI (Electronic Data Exchange) projects. She later moved to the roles of business analyst and software analyst where she created functional specs and estimates for her internal team and customers. Over the years, her projects have included managing rentals for insurance companies, dealerships and body shops. Advertisement “Through the hard work and dedication of the nominating committee over the last several months, we were successful in finding a technical project manager to help CIECA develop and promote electronic standards that allow the collision industry to be more efficient,” said DeVallance Caron. “CIECA provides standardization and unity among all areas of the collision industry and I’m excited to work with the different segments and be an advocate for greater standards use and development,” said Reed. “I am also looking forward to the opportunity to help drive business solutions and learn about new areas of the industry from a great team.” Reed will replace Charley Quirt, CIECA’s current technical project coordinator, who will be retiring soon. Quirt has assisted CIECA for more than 18 years.
Photo: Ruthann/commons. Budget carrier Ryanair has raised another ruckus with new cabin bag policies aimed at minimising delays and preventing time-consuming overhead bin battles.The low-cost airline had relaxed its carry-on allowance to permit customers to bring two bags into the cabin – a wheelie bag and a smaller bag such as laptop case — for free.But officials said the number of people taking advantage of the policy combined with limited overhead bin space and load factors of 97 per cent in August saw a slew of boarding and flight delays.In a move designed to speed up boarding, customers who have paid an extra €/£5 ($US5.98 to $US6.59) for priority boarding priority will be among the few allowed to bring two carry-on bags on to an aircraft from November 1.They will be joined by those travelling on Plus, Flexi Plus and Family Plus tickets,Other travellers will only be permitted to bring a smaller bag as carry on and their wheelie bags will have to travel in the hold.Ryanair has softened the blow by not charging for the wheelie bag service, which works well on smaller turboprop aircraft in other parts of the world.It has also increased its checked bag allowance from 15kg to 20kgs and dropped the fee for the heavier bag from €/£35 to €/£25 ($US29.90 to $US32.94).“These bag policy changes will cost Ryanair over €50m per annum in reduced checked bag fees,’’ Ryanair chief marketing officer Kenny Jacobs said.“However, we believe offering bigger bags at reduced fees will encourage more customers to consider checking-in a bag, which will reduce the high volume of customers we have with two carry-on bags at the boarding gates, which is causing flight delays due to large numbers of gate bag and cabin bag offloads.”The reaction to the policy has been mixed, with some passengers denouncing the move as defacto cabin bag charge and accusing the airline of greed.Others, however, have welcomed a policy which would see an end to the bin bunfight.AER LINGUS OFFERS BASIC ECONOMYMeawhile, another Irish carrier, Aer Lingus, has become the latest legacy carrier to adopt so-called basic economy fares and will apply them to its trans-Atlantic services.As competition heats up at the Atlantic from LCCs such as Norwegian and Air France spinoff Joon, legacy airlines like Aer Lingus and British Airways are scrambling to adapt.BA is adding 52 seats to Boeing 777-200s flying across the Atlantic from next May in a bid to improve “capital efficiency’’ and keep seats costs comparable with competitors.Aer Lingus is taking a route similar to that taken by some US carriers by introducing a Saver economy fare.The Saver, touted as “the perfect option for those looking to travel light on direct flights between Ireland and North America”, isn’t completely bare bones.It includes 10kg (22lb) cabin baggage, in-flight entertainment and an on-board meal. Passengers pay for extras such as a checked bag, seat selection, a blanket or headphones.The airline’s Smart fare option includes all these things and is available to passengers who want to travel in the style to which they’ve become accustomed.
I am in awe of the charitable spirit exhibited by people around the country in the wake of Hurricane Harvey. As the president of America’s Future Foundation Houston Chapter, watching my city succumb to this disaster has been painstaking, but seeing how people have come together to help in response has been truly moving.Though the storm has passed, dealing with the wreckage remains an ongoing battle. Many of our friends and family members have no choice but to start over with very little. They face being displaced from their homes for over a year due to flooding in areas that are still under mandatory evacuation to this day.Texans and Americans come together in times of need. We’ve been working on supply collection, as well as rescue and recovery efforts, since this tragedy began. We are vamping up our efforts and are asking you to join us.The leaders of our chapter have put together a list of supplies based on the needs of people on the ground. These supplies will help people in Houston and the surrounding area clean out their homes, rebuild their lives, and have food to eat during this trying time. If you’d like to contribute to our efforts and are located in Texas, you can reach out to me to make a contribution in person, and I will personally help facilitate that. Alternatively, you can make purchases to be sent to us directly from this Amazon wishlist. There are items ranging from $2 and up, and any contribution helps.If you haven’t already and would prefer to contribute monetarily, please consider donating to the JJ Watt Foundation. JJ Watt, a defensive end for the Houston Texans, set up a Houston Flood Relief Fund which has by far surpassed its fundraising goals and continues to go above and beyond to raise money for victims of Hurricane Harvey. You can find out more about his efforts in this video.https://www.cbsnews.com/video/houston-texans-star-j-j-watt-on-setting-up-harvey-relief-fund/Another option to donate that doesn’t cost a penny that many of us have pursued is donating blood. You can contact your local blood center and inquire about donations going directly to areas impacted by the hurricane that are in need.America’s Future Foundation has done an outstanding job of building a resourceful network of young, liberty-minded professionals. It’s time we come together to help our community in need. Please keep your Houstonian compatriots in your thoughts and prayers as we work through this trying time.
REGAL SPLENDOUR: Rana Shiv Nath Sharan Singh with his wifeThe Awadh region of Uttar Pradesh, spread over 13 districts, continues to have a hangover of its feudal past. The area still has 430-odd talukdars or feudal lords who trace their history to the Mughal period.Along with zamindars and jagirdars, they,REGAL SPLENDOUR: Rana Shiv Nath Sharan Singh with his wifeThe Awadh region of Uttar Pradesh, spread over 13 districts, continues to have a hangover of its feudal past. The area still has 430-odd talukdars or feudal lords who trace their history to the Mughal period.Along with zamindars and jagirdars, they were part of the feudal set-up devised by the British after the 1857 mutiny. After Independence, the Zamindari Abolition Act ensured that the zamindars, like the Nawabs of Awadh, receded into history. The talukdars, however, carried on with their stately lifestyles and titles.Explaining why talukdars continue to exist in the area, T. George Joseph, a member of the Uttar Pradesh Board of Revenue, says that the Oudh (Awadh) Estates Act, 1869, which protects their regal status and royal titles, was not repealed by successive governments after Independence.Raja Rai Swareshwar Bali, the talukdar of Rampur-Daryabad in Barabanki district, whose taluka is spread over 30 villages, says that while zamindari was abolished in the villages, the zamindari of talukdars remained intact in NZA (non-zamindari abolition) areas in urban regions.Anand Singh in Mankapur palaceThe talukdars still cling fondly to their past and try to maintain a distance with the common people. Anand Singh, the erstwhile Raja of Mankapur in Gonda district, does not know how many people live and work at his century-old palace. But as he strolls in the 10-acre, lush green campus of the palace, members of his staff of over 400 and other people who consider them selves his subjects approach him cautiously with bowed heads, touch his feet and then back off.In the huge drawing room of his palace, he casts a glance at the ornamental shotguns with gold engravings arranged on the walls and then, reluctantly, starts talking about the past, as if in a soliloquy: “Oh, those were the days; but I have not seen their grandeur myself.” Mankapur Estate once comprised over 189 villages and was one of the largest in Awadh. Even as he presses the rewind button, his son Rajkumar Kriti Vardhan Singh, an MP, practises archery in the lawn outside.advertisementA dog suddenly appears in the room and the former king says, “He is not of a good breed. Come to my farmhouse on the Nepal border to see the real dogs.” Soon it is time for him to drive to Lucknow to spend some time in his kothi (mansion) in the exclusive Qaisarbagh locality.Mohammad KhanThe kothi is a reminder of Nawab Wajid Ali Shah’as architectural contribution to Lucknow. The nearby Safed (White) Baradari, which earlier used to host poetry-reading sessions, musical soirees or dance dramas composed by Wajid Ali Shah himself, is the headquarter of the Anjuman-e-Hind, or the British India Association (BIA). It was created by the British after the 1857 revolt.Over 300 talukdars were brought under its banner by the British to materially and militarily help the East India Company re-establish its authority. Even today, talukdars often meet here to talk about the past and lament the perceived disrespect for history and lack of aesthetic sense of present day bureaucrats.Raja Baleshwar Singh, BIA secretary, says the Government misused its power in handing over the Baradari’s parks to an outsider. “The officials did not have the time to go through the documents we showed them to prevent the transfer. The district administration also replaced the beautiful railings surrounding the parks on the sides of Baradari, dating back to 1914, with a brick wall,” he says.Bali, who is also BIA office secretary, says, “During talukdari days, a portion of the revenue contributed to the empire was earmarked for the BIA. We can’t collect revenue now so are running the office by letting out the halls and lawns for social functions. But the Government is objecting even to this.”Nawab Jafar Mir Abdullah, a descendent of Shah and a member of BIA, feels the talukdars themselves have invited disrespect from others by behaving in a manner not befitting royals.Sanjay SinhRana Shiv Nath Sharan Singh, the talukdar of Khajurgaon (Rae Bareli), occupies a place of pride in the feudal structure of Awadh. The title of Rana can be kept only by him and the erstwhile rulers of Mewar in Rajasthan. Being the president of BIA, he is considered the most influential among the talukdars. He says only 10 per cent of the talukdars in the area are doing well. The rest, according to him, are financially and mentally stretched.Reminiscing about the past, he says, “We collected the revenue independently and gave a share to the Nawabs. We maintained an army and arsenal and the system of governance depended on us. But everything changed after the mutiny and now, after Independence, our life too has changed.” His wife Rani Sandhya Singh points out that the palace in which they live is still called either garhi or court as, in the past, people would come there for redressal of their grievances.The “Durbar Day” of the famous Colvin Talukdars College, located on the banks of the Gomti, is one occasion when the royal past is revisited with elan. Held every five years, it marks the culmination of week-long sports competitions when college alumni get together. It is called Durbar Day because talukdars used to assemble there in the past like they would for a royal durbar. The foundation of the college was laid in 1889 with funds generated by talukdars and erstwhile rulers of Awadh.advertisementPrior to Independence, only their descendants could study there. It precedes Lucknow University which was formed in 1922 when Canning College came up opposite it. Talking about the Durbar Day held in December last year, Sanjay Sinh, the Raja of Amethi and college secretary, says, “We tried our best to give a glimpse of our glorious past and the show made many guests nostalgic.”Nawab Mir Abdullah with Shah’s firman which gifted the Baradari to Balrampur’s rulerSinh is a man of many pursuits-he is a former Union minister and a keen flyer, swimmer, horse rider and shooter. He is counted among the modern faces of the erstwhile royalty. Another former ruler who has embraced modernity is Mahmudabad’s Amir Mohammad Khan, who is a London-based nuclear physicist.The Awadh region conjures up images of rebellion and romance, myth and fables. Talukdars were part of this rich tapestry of the past. Independent India has allowed them to cling to their eroding regalia.
India skipper Mahendra Singh Dhoni hailed hosts Bangladesh for putting up an all-round show to outclass India in all departments in the first one-day international (ODI) at the Sher-e-Bangla National Stadium here on Thursday.Chasing a stiff target of 308, India folded for 228 in 46 overs. Bangladesh debutant left-arm pacer Mustafizur Rahman (5 for 50) crippled the Indian run chase. “It was a disappointing loss for us. But Bangladesh played some really good cricket as a team. Right from the first ball they took our bowlers on,” Dhoni said at the post match presentation ceremony on Thursday.The skipper said visitor’s slower bowlers did well to restrict Bangladesh to 300, but the batting failed to click.”The rain break helped us. It looked like they would score more than 330 but we restricted them to 300, but the batting didn’t turn up the way we wanted it to,” Dhoni said.”The spinners bowled well, (Suresh) Raina’s contribution was important, but disappointed with the way the fast bowlers bowled. The Bangladesh batsmen played the fast bowlers well,” he said.The 33-year-old was impressed by the consistent bowling performance of the hosts and specially by the efforts of spinner Shakib Al-Hasan.”The Bangladeshi bowlers bowled really well, they used their subtle variations extremely well. They did well in the World Cup as well. Their fast bowlers did well there and they did well here as well.””We knew Shakib can bowl at anytime of the innings. We will go to the drawing board. It’s not the end of the road but we will try harder next time around,” Dhoni said.advertisement
State Rep. Jim Runestad of White Lake rescheduled his upcoming local coffee hours in White Lake, Highland and Milford from Friday, April 13 to Friday, April 20.Coffee hours will take place at the following times and locations:• 8 to 9 a.m. at Leo’s Coney Island, 6845 Highland Road in White Lake;• 10 to 11 a.m. at Colasanti’s Market, 468 S. Milford Road in Highland; and• Noon to 1 p.m. at Bakers of Milford, 2025 S. Milford Road in Milford.No appointment is necessary. Those unable to attend may contact Rep. Runestad at 517-373-2616 or via email at [email protected] Categories: Runestad News 12Apr Rep. Runestad reschedules April office hours